Youngone to invest $200m in KEPZ Hi-Tech Park

Youngone Corporation, which established the first private export processing zone (EPZ) in Bangladesh, will invest $200 million for its sister concern "Tekvision (BD) Limited".

With this investment, the company will produce all kinds of software for industrial digitalisation, data entry and outsourcing, read a press release issued on Wednesday.

Youngone Corporation came up with the announcement at the ground-breaking ceremony of the Korean Export Processing Zone (KEPZ) Hi-Tech Park, the second private hi-tech park in Bangladesh.

There are two other private hi-tech parks in the country – Walton Digi-Tech Industries Limited and City Group's Hi-Tech Park. Of these, Walton Digi-Tech Industries started its commercial activities in Gazipur.

Kihak Sung, chairman and chief executive officer (CEO) of Youngone Corporation and KEPZ, said that while Youngone Corporation is investing massively in MMF project to supply to the country's RMG export sector, they are now ready to make a significant contribution to ICT industries, start-up ventures by providing infrastructure and investment.

The park will be developed in 100 acres of land at Anwara Upazila of Chattogram with a vision to establish a state-of-the-art hi-tech park, which is coming to a reality providing essential support in the form of education, technical training and human resource development.

KEPZ Hi-Tech Park will have a 41-storey IT building, which will house a number of software development facilities. The hi-tech park will enable the company to create a working opportunities for up to 20,000 people when fully implemented, adds the press release.

The ground-breaking ceremony was jointly inaugurated by Zunaid Ahmed Palak, state minister for the ICT Division, and LEE Jang-keun, ambassador of the Republic of Korea to Bangladesh, and Kihak Sung, chairman and CEO of Youngone Corporation and KEPZ.

Speaking on the occasion, Zunaid Ahmed Palak said that the high-tech park will play a significant role in attracting foreign direct investments to Bangladesh in the coming years.

LEE Jang-keun said that Korea is going to open a new chapter of the business relations with Bangladesh by taking off their previous traditional corporations and moving into a new corporation focusing on the high-tech park and the ICT.

Youngone Corporation was the first company to establish a private EPZ in Bangladesh in 1996 under the Bangladesh Private EPZ Act and formed a company in the name of "Korean EPZ (KEPZ) Corporation (BD) Ltd" to promote, develop and manage the export processing zone.

KEPZ has so far completed 40 state-of-the-art green factories with a floor space of over 65,00,000 sft.